FT: "Markets are only starting to come to terms with the new normal"

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FT: "Markets are only starting to come to terms with the new normal"

Excerpt from the Financial Times quoting DataTrek’s Nick Colas:

…. “For Wall Street, this supports a view that the long-term earnings power of S&P 500 companies will withstand significant damage from the current shutdown of the economy. At around 2,500 points, the index trades about 21 times the benchmark’s trailing 10-year average of $122 per share in earnings. In 2009, the S&P 500 bottomed at 10 times trailing earnings and the current resilience of Wall Street suggests a market confident “that structural corporate earnings power remains solid”, according to Nicholas Colas at DataTrek“….

Read the full article here in the Financial Times!